WASHINGTON, D.C. – Nevada consumers will have less access to professional financial advice, insurance products and investment products under a proposed regulation that imposes sweeping, ill-defined burdens on financial advisors, according to the Insured Retirement Institute (IRI).

IRI is the leading trade association for the retirement income industry.

In comments filed with the Nevada Securities Division last week, IRI expressed opposition to the proposed regulations. The group wrote that despite efforts to ease the overreach of legislation requiring new regulations on financial advisors, the proposed rules exacerbate the problems initially created by a 2017 state law that required the new regulations.

“The Nevada Securities Division should be taking this opportunity to encourage more Nevadans to work with financial professionals by formulating rules designed to give investors confidence that financial professionals will act in their clients’ best interest,” IRI said.

Many of IRI’s specific concerns with the draft regulation are focused on provisions that would unintentionally make it more difficult for many Nevadans to obtain the financial advice they need to achieve their goals.

IRI said that it would prefer that Nevada regulators collaborate and coordinate with the U.S. Securities and Exchange Commission (SEC) to develop appropriate, cohesive, and workable standard of conduct rules and not finalize the proposed regulations until this effort is complete.

“As you consider how to move forward, we respectfully urge you to consider how the Draft Regulations will fit within the broader tapestry of regulations governing the conduct of financial professionals. We hope you will recognize the benefits of participating in these efforts and allowing time for them to play out so as to avoid the creation of duplicative, conflicting, or incompatible rules which could deprive Americans of access to valuable financial products and services,” IRI wrote.

“IRI and our members are supportive of appropriate enhancements to the standards of conduct applicable to financial professionals. Unfortunately, the Draft Regulations approach this objective in a manner that will deprive Nevadans of access to a wide range of insurance and investment products, and to trained financial professionals who can help them choose which products are right for them. We think there are better ways to achieve our shared goal of requiring financial professionals to act in the clients’ best interest, and we stand ready to help you find the right path forward,” IRI concluded.